SB 301: Income tax; modifying credit limit for certain institute in certain tax years. Effective date. - Oklahoma

Floor (House) → Floor (Senate) · 5 edits

MODERATE

The bill was converted from the House version to the Senate version, which reorganized the credit limits and formulas for tax donations to biomedical and cancer research institutes. The Senate version introduces specific annual credit caps based on tax year, separates limits for different types of donations, and adjusts the per-taxpayer credit amounts for business entities and individuals. These changes clarify how the total state credit pool is distributed and set new thresholds for when credits begin to be reduced.

Scope change

The scope of the bill remains focused on income tax credits for donations to research institutes, but the applicability of credit limits has been significantly modified with new annual caps and per-donor restrictions.

FISCAL

Credit limits were restructured with specific annual caps: $2M for 2007-2025, $1.5M for 2026+ for biomedical research, and $500K for 2026+ for cancer research institutes.

Per-taxpayer credit limits were increased for business entities to $25,000 for tax years 2026 and subsequent years.

ELIGIBILITY

Taxpayer credit limits were adjusted to $1,000 for single/separate filers and $2,000 for joint/head of household filers for tax years 2026 and beyond.

REQUIREMENT

New formulas were established to annually adjust credit percentages so total credits do not exceed the specified annual caps.

TIMELINE

Specific tax year thresholds were introduced, separating rules for 2007-2025 from 2026 and subsequent years.

Enrolled (final version) → Floor (House) · 4 edits

MODERATE

The bill was reformatted from Senate Enrolled to House Floor version, with significant structural changes including page numbering, header information, and line breaks. The substantive policy content regarding tax credit limits, eligibility criteria, and definitions for biomedical and cancer research institute donations remains unchanged. The formatting differences reflect procedural steps in the legislative process rather than policy modifications.

Scope change

The bill's scope and applicability remain unchanged; only the document format and presentation have been modified for House floor consideration.

TECHNICAL

Document structure changed from Senate Enrolled format to House Floor version with updated page numbering and line breaks

Header information updated to reflect House of Representatives Floor Version instead of Senate Enrolled

Line breaks and paragraph formatting adjusted throughout the document for House floor presentation

POLICY

Substantive tax credit provisions, funding limits, eligibility criteria, and definitions remain identical to the original Senate version

Introduced → Engrossed · 4 edits · Mar 11, 2025

MODERATE

This bill modifies Oklahoma's tax credit program for donations to biomedical and cancer research institutes. The primary changes involve adjusting credit limits, updating formulas for calculating credit percentages, and clarifying how excess credits are handled in future tax years. These changes affect how much taxpayers can claim and how the state manages the total credit pool.

Scope change

The bill maintains the same scope of applying to donations for biomedical and cancer research institutes but modifies the financial limits and calculation methods for tax years 2026 and beyond.

FISCAL

Adjusted total credit limits for tax years 2026 and later: independent biomedical research institute credits capped at $1,500,000 annually (down from $2,000,000), and cancer research institute credits capped at $500,000 annually.

REQUIREMENT

Updated the formula for calculating credit percentages to use the second preceding year's claims instead of the preceding year's claims for tax years 2026 and beyond.

Added new provision requiring the Oklahoma Tax Commission to factor excess credits (over $1,000,000 total) into future percentage adjustments while keeping the two institute types' formulas separate.

TECHNICAL

Corrected formatting errors and reorganized statutory language for clarity, including fixing line breaks and page numbering inconsistencies.

Engrossed → Enrolled (final version) · 4 edits · May 1, 2025

MODERATE

The bill transitioned from an Engrossed version to an Enrolled final version with minor formatting and authorship changes. The core policy provisions regarding income tax credits for donations to research institutes remained substantively unchanged, maintaining the same credit limits, formulas, and eligibility requirements.

TECHNICAL

Added 'Enrolled' designation and updated co-sponsor from 'Kane' to 'Kane and Lepak' in the House, reflecting final legislative approval and additional sponsorship.

Reorganized page numbering and formatting from 'ENGROSSED SENATE' to 'ENROLLED SENATE' with updated page references (Page 1, 2, 3 instead of 1, 2, 3, 4).

Added 'SUBJECT: Income tax credit' line in the enrolled version for clearer subject identification.

Removed redundant explanatory text about how excess credits would be factored into percentage adjustment formulas for subsequent years.

Income tax; modifying credit limit for certain institute in certain tax years. Effective date.

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